BMW Motorrad PCP

aerofoiled · 07-09-2015 10:21pm #1

Has anyone bought a bike using BMW's PCP plans? There's loads of info on their UK site and advertising that gives of examples of monthly costs, but very hard to find any info for Ireland.

I'd be interested in getting the views of someone who has used this method to purchase, and how it's worked for you.

cantdecide · 07-09-2015 10:30pm

The whole industry has been knackered here for the want of the easy breezy finance the rest of the world uses. I don't know why Paddy can't have finance. Even in the boom, I'd say most bikes were bought either Credit Union or cash. If you can't find info on finance from BMW it's either not available or you'd have to not need it to qualify for it.

BaronVon · 07-09-2015 10:41pm

Yeah, it's a balls over here compared to England. UK always has interest free PCP deals for various brands. If we had it here, I'd be very tempted.

VAG do decent deals for cars, but they seem to be the only one. Think they have their own bank.....

aerofoiled · 07-09-2015 10:46pm

infacteh wrote: »

VAG do decent deals for cars, but they seem to be the only one. Think they have their own bank.....

So do BMW and they're very active with PCP to sell cages. I've seen a good few new bikes around so I'm assuming it's an option here. Just surprised they don't push it at all.

gerrowadat · 07-09-2015 11:21pm

PCP is an option here as far as I know. They certainly do regular finance.

Don't expect decent trades from big dealers though - I got offered the kind of peanuts a monkey would throw his ****e at you for when I went to trade in a car recently at a (large) VW dealer.

galwaytt · 07-09-2015 11:31pm

...well Motorrad.ie says they offer 'competitive' finance, and if you click through, via Keary's or Duffy's, it does bring you to a PCP cost..........albeit in GBP£ so obviously the Irish site is in fact a UK one and only partly resolved for us.............neither Duffy's or Keary's can be emailed via the site either, only phoned...............groan......

Paulw · 08-09-2015 8:00am

They do offer it.

I bought my bike on finance from Joe Duffy Motorrad.

I was given the option that I could buy on finance or go PCP. But, looking at the figures, the value they would offer at the end was not even close to a market price for selling the bike privately.

Just make sure you do your sums. Go talk to them and get the figures.

aerofoiled · 08-09-2015 8:12am

Paulw wrote: »

They do offer it.

I bought my bike on finance from Joe Duffy Motorrad.

I was given the option that I could buy on finance or go PCP. But, looking at the figures, the value they would offer at the end was not even close to a market price for selling the bike privately.

The optional final payment/residual is what I'm keen to get a handle on. UK examples give a value of approx 50%, on the basis the bike has no more than 15k miles after 3 years.. Were Duffys much lower than this?

Paulw · 08-09-2015 9:16am

aerofoiled wrote: »

The optional final payment/residual is what I'm keen to get a handle on. UK examples give a value of approx 50%, on the basis the bike has no more than 15k miles after 3 years.. Were Duffys much lower than this?

It depends. So, I was looking at a new F800 GS Adventure. The price new was 14k, but after the 3 year term, the final sum/value of the bike would be 6k. Now, looking on donedeal and such sites, the bike would be worth around 9k. Not sure what the mileage limit was, but normal commute would put me well under that.

It was geared towards you trading the bike back in for a newer model and keep the finance going.

Again, it would depend on the bike, the value and the term. Go talk to them about it.

gerrowadat · 08-09-2015 10:53am

Aye, all the PCP plans for bikes and cars are about lock-in. If you're pretty sure you're going to want to have a nearly-new beemer (or audi or VW or whatever) for the foreseeable, it's not a bad plan. Keeps the new sales coming in for the dealer, gets you on the road for less per month.

If you just want to buy and not be locked in, go finance. Dearer per month but you own the bike.

Wonda-Boy · 08-09-2015 4:39pm

Why on earth go PCP for a bike you never own??? All you are really doing is renting it for the sake of having it......I would rather pay more and own it at the end or pay less per month and have a balloon payment at the end.

aerofoiled · 08-09-2015 4:44pm

Wonda-Boy wrote: »

...or pay less per month and have a balloon payment at the end.

That's how PCP works. Pay the balloon (optional final payment) at the end, and you own it. Or trade it in and use whatever surplus you have over the finance settlement for your next deposit.

gerrowadat · 08-09-2015 4:44pm

Wonda-Boy wrote: »

Why on earth go PCP for a bike you never own??? All you are really doing is renting it for the sake of having it......I would rather pay more and own it at the end or pay less per month and have a balloon payment at the end.

That's the thing though - the monthly payments on PCP end up a good bit less than regular finance, since you're not financing the full amount.

Not for everyone I spose - I'd say a lot of people are attached to the idea of owning the bike.

Wonda-Boy · 08-09-2015 6:40pm

aerofoiled wrote: »

That's how PCP works. Pay the balloon (optional final payment) at the end, and you own it. Or trade it in and use whatever surplus you have over the finance settlement for your next deposit.

Ahh okay I taught you had to trade up again and keep going after X amount of years.

galwaytt · 09-09-2015 10:43am

Just off the phone with Alan at Keary's, following my email on Monday, and yes, they do PCP. I can get a new F800GT SE for €185.60 pm.

.....mmmmmmmm.........

Wonda-Boy · 09-09-2015 10:45am

galwaytt wrote: »

Just off the phone with Alan at Keary's, following my email on Monday, and yes, they do PCP. I can get a new F800GT SE for €185.60 pm.

.....mmmmmmmm.........

Nah...S1000xr or go home brah!

aerofoiled · 09-09-2015 10:49am

galwaytt wrote: »

Just off the phone with Alan at Keary's, following my email on Monday, and yes, they do PCP. I can get a new F800GT SE for €185.60 pm.

.....mmmmmmmm.........

Nice! I emailed Duffy's on Monday but haven't heard anything back.

DaveD · 09-09-2015 11:02am

I enquired with them about an S1000R, went through the approval process but just couldn't pull the trigger in the end. I was looking at their PCP but the balloon payment at the end put me off. The process is designed to keep you as a customer, in that after the 3 years you get a new bike and start the process again.

From memory, my quote was:

€4500 deposit
36 monthly payments of €168
And then a final payment of €7500 or so if you wanted to own the bike.

In fairness i got a decent trade price off them for my bike at the time, one which i would have been happy to accept.

galwaytt · 09-09-2015 12:44pm

aerofoiled wrote: »

The optional final payment/residual is what I'm keen to get a handle on. UK examples give a value of approx 50%, on the basis the bike has no more than 15k miles after 3 years.. Were Duffys much lower than this?

Sums on F800GT SE this am, list price €13,870.
Deposit €4100
36 payments of €185.36 pm
GMFV € 5509
TAP (Total Amount Payable) if you keep it at end of year 3, by paying the balloon payment = €16,281.96

Now, looking at F800GT for sale here, in UK and on mobile.de, 2013 models are fetching 7500 - 9000+ (and none are SE versions), so the GMFV seems conservative (so, safe). If you paid them the €5500 at end year 3, but sold it even for €7k, then TCO to you would be €14,781.76.

Look at this way: at end of year 3, if you had €5500 cash in your hand, would you be able to buy a 3 yr old one on the open market.................not on your life.

Like all finance deals - there are many ways to skin a cat.

galwaytt · 09-09-2015 12:46pm

Wonda-Boy wrote: »

Nah...S1000xr or go home brah!

oh puhleez : chain drive ? Lol, I think not ! :pac:

blade1 · 09-09-2015 12:56pm

Wonda-Boy wrote: »

Nah...S1000xr or go home brah!

^^^^^^^^^^^
This x10000000

galwaytt · 09-09-2015 1:16pm

..where would we be without MS Excel, huh ??

Logically, the CU is the way to go, but the cost-per-month you have to find may be the stumbling block.

That said, the PCP solves that, but BMW are making big money on it - €2411 interest on €4261 borrowed.........mmmmm

gerrowadat · 09-09-2015 1:54pm

galwaytt wrote: »

oh puhleez : chain drive ? Lol, I think not ! :pac:

Shaft drive master race reprazent. The belt in the F800GT was was drew me in.

Careful with that F800GT - I tested one, then had a go of a R1200GS and bought the GS. It's a slippery slope ... :-)

Was out in Joe Duffy's only this morning, and they've two R1200RS sitting there, in both colours. All like HELLO THERE HOW'S IT GOING JUST TAKE A SEAT ANYWHERE HUEH HUEH.

Fireblade77 · 09-09-2015 2:12pm

Then when you get served, " what can I do for you today?

You " I 'd like one of those bad boys "
lol

galwaytt · 09-09-2015 3:32pm

gerrowadat wrote: »

Shaft drive master race reprazent. The belt in the F800GT was was drew me in.

Careful with that F800GT - I tested one, then had a go of a R1200GS and bought the GS. It's a slippery slope ... :-)

Was out in Joe Duffy's only this morning, and they've two R1200RS sitting there, in both colours. All like HELLO THERE HOW'S IT GOING JUST TAKE A SEAT ANYWHERE HUEH HUEH.

I've had 1200GS and 1150RT and also 1100RT, so not interested in going back tbh, and current bike being belt-drive, I like it a lot.

Generally, looking for lighter bike than full-size - in fairness the 800GT is more powerful than my old K's were in the 90's, and half the weight, and I rented an F800R for a long weekend once, and I was v. impressed by it. I'm also not convinced the R reliability - and I've had a lot of them.

Wonda-Boy · 09-09-2015 3:40pm

You mean you bought a bike purely on if it has a chain or a shaft drive !!!!

aerofoiled · 09-09-2015 7:29pm

gerrowadat wrote: »

Was out in Joe Duffy's only this morning, and they've two R1200RS sitting there, in both colours. All like HELLO THERE HOW'S IT GOING JUST TAKE A SEAT ANYWHERE HUEH HUEH.

An R1200RS is what I'm after! I had a call from the sales manager at Duffy's and he was very helpful in running through the finance options - he also offered a test ride but I need to work out the best way to pay for the thing before I get suckered in!

As pointed out in other posts, the GMFV is set very low but you do end up (hopefully) with your deposit sorted when you trade in after 3 years.

Where they are not at the races is their interest rates. Thanks galwaytt for your bit of spreadsheetery! The overall cost of borrowing is a good deal more expensive compared to even a bank loan, never mind the CU. I think I might just stump up the extra monthly payment and at least I'm clear after 3 years.

galwaytt · 09-09-2015 9:14pm

Wonda-Boy wrote: »

You mean you bought a bike purely on if it has a chain or a shaft drive !!!!

Sorry, I don't see where you're getting that from.....I didn't say that.

My current main bike (one of several), that I do most mileage on, is belt driven, and was my first belt driven bike - it's been better than excellent, so it's an influence,not a decider. It's even been better than the shaft drive bike's I have had before..

If the new VStrom 1000 was either belt or shaft I'd be very, very tempted....but I have 5 chain bike's already.....and that's enough to maintain as it is...

And there's no middleweight shaftie anymore that I know of....

galwaytt · 09-09-2015 9:19pm

aerofoiled wrote: »

An R1200RS is what I'm after! I had a call from the sales manager at Duffy's and he was very helpful in running through the finance options - he also offered a test ride but I need to work out the best way to pay for the thing before I get suckered in!

As pointed out in other posts, the GMFV is set very low but you do end up (hopefully) with your deposit sorted when you trade in after 3 years.

Where they are not at the races is their interest rates. Thanks galwaytt for your bit of spreadsheetery! The overall cost of borrowing is a good deal more expensive compared to even a bank loan, never mind the CU. I think I might just stump up the extra monthly payment and at least I'm clear after 3 years.

^^^^^this.

I didn't realise how much they were charging for basically a 4k loan til I did the sheet. I can't see why they're charging so much.....even at "high street rates" 4k would be about €133 pm........and that's still giving them 6.5%…………pity....I had already planted the idea with the SO...

aerofoiled · 10-09-2015 8:21am

galwaytt wrote: »

^^^^^this.

I didn't realise how much they were charging for basically a 4k loan til I did the sheet. I can't see why they're charging so much.....even at "high street rates" 4k would be about €133 pm........and that's still giving them 6.5%…………pity....I had already planted the idea with the SO...

Just to clarify something. Your monthly repayment also includes the interest being charged on the balloon, so it looks expensive against a 4k bank loan. You're still borrowing nearly 10k but only making capital repayments on the bit in the middle i.e. purchase price less deposit and balloon. Still expensive though!

galwaytt · 10-09-2015 10:46am

aerofoiled wrote: »

Just to clarify something. Your monthly repayment also includes the interest being charged on the balloon, so it looks expensive against a 4k bank loan. You're still borrowing nearly 10k but only making capital repayments on the bit in the middle i.e. purchase price less deposit and balloon. Still expensive though!

.....I just got the written version and I see that they're calling the credit they're extending is €9770 - not the €4261 - like you say. I hadn't thought of that tbh.

But, if at end of year 3 you keep the bike, and say borrow (anywhere) for the balloon - you'll be paying interest on it again. Which means you're paying interest on the balloon twice. That's a bit much really........

Ah well.......it was a nice, albeit short dream........[sighs]

Cienciano · 10-09-2015 1:43pm

galwaytt wrote: »

oh puhleez : chain drive ? Lol, I think not ! :pac:

K1300R is shaft drive. Think its marmite in the looks department, I really like it though.

Del2005 · 10-09-2015 2:15pm

galwaytt wrote: »

But, if at end of year 3 you keep the bike, and say borrow (anywhere) for the balloon - you'll be paying interest on it again. Which means you're paying interest on the balloon twice. That's a bit much really........

Ah well.......it was a nice, albeit short dream........[sighs]

With PCP, and all leases, they don't want you to buy out at the end of the term. They want you to start again with another new bike. If you want to own a bike save up or go to the CU, if you want new bikes go PCP.

Not sure if ours is the same as the UK but over there you can change bikes before the end of the term, so you can have a brand new bike every year for a less than a decent 2nd hand bike.

galwaytt · 10-09-2015 3:17pm

Del2005 wrote: »

With PCP, and all leases, they don't want you to buy out at the end of the term. They want you to start again with another new bike. If you want to own a bike save up or go to the CU, if you want new bikes go PCP.

Not sure if ours is the same as the UK but over there you can change bikes before the end of the term, so you can have a brand new bike every year for a less than a decent 2nd hand bike.

....sure, but it's the 2nd time around you really get done: you've spent your deposit already (1st time around.......) and any equity over the balloon payment will be modest, so the payments on the next one are even higher. Yes ??

Del2005 · 10-09-2015 9:13pm

galwaytt wrote: »

....sure, but it's the 2nd time around you really get done: you've spent your deposit already (1st time around.......) and any equity over the balloon payment will be modest, so the payments on the next one are even higher. Yes ??

You've the guaranteed minimum value of the bike as your deposit so the payments will be the same. That's the catch as once you enter PCP then you're stuck in it but with a new vehicle every 3 years.

Wonda-Boy · 11-09-2015 9:11am

Del2005 wrote: »

You've the guaranteed minimum value of the bike as your deposit so the payments will be the same. That's the catch as once you enter PCP then you're stuck in it but with a new vehicle every 3 years.

The trick to that is the dealer will always err on the side of caution and under value the bike estimate. If you can haggle a really good future sale price you be doing well.....

Del2005 · 12-09-2015 2:29pm

Wonda-Boy wrote: »

The trick to that is the dealer will always err on the side of caution and under value the bike estimate. If you can haggle a really good future sale price you be doing well.....

People have been leasing for years we just have a need to own stuff here, look at the USA where ads don't even include the price just the monthly payments. It's not good business practice to rip off the customers, they make their money on the finance not the vehicle to keep you coming back again and again.

Wonda-Boy · 12-09-2015 5:54pm

Del2005 wrote: »

People have been leasing for years we just have a need to own stuff here, look at the USA where ads don't even include the price just the monthly payments. It's not good business practice to rip off the customers, they make their money on the finance not the vehicle to keep you coming back again and again.

Not good practise to RIPP OFF CUSTOMERS!!! No wonder it never took off in this country.....we get ripped off on ****in everything!

Absolutely useless regulation over here TBH.

listermint · 13-09-2015 3:00pm

Del2005 wrote: »

People have been leasing for years we just have a need to own stuff here, look at the USA where ads don't even include the price just the monthly payments. It's not good business practice to rip off the customers, they make their money on the finance not the vehicle to keep you coming back again and again.

Sorry but that is ridiculous the PCP and finance deals available in the USA, sure even the UK literally shadow anything thats over here. Ireland gets a terrible terrible deal in many aspects sometimes they pretend the market isnt there but unsure whats stopping manufactures using their own bank to do better deals like they do in other countries.

We are just ripped off, the ownership thing is not the whole part of the story.

Wossack · 13-09-2015 4:26pm

since its not actually your bike, theres typically a yearly mileage limitation, you gotta get it main dealer serviced, and not sure what the story is with mods.. probably OEM only?

(I believe anyway..)

Thinkingaboutit · 15-09-2015 3:26pm

cantdecide wrote: »

The whole industry has been knackered here for the want of the easy breezy finance the rest of the world uses. I don't know why Paddy can't have finance. Even in the boom, I'd say most bikes were bought either Credit Union or cash. If you can't find info on finance from BMW it's either not available or you'd have to not need it to qualify for it.

Some did and do finance. Harley Davidson did, I got a bike from them before, and now Ducati (which the import agent sells too) has it. It might be something the agent is doing, perhaps. Perhaps the volumes might be too low, no idea.

Paulw · 15-09-2015 8:56pm

BMW definitely do finance. My bike is part financed, just to make it easier on my pocket.

listermint · 15-04-2019 10:09pm

Pulling up this zombie thread as got an add for Yamaha finance appear in my feed.

Checked their rate and still a crazy 8.9 % remembered this thread (sad I know) so their rate is fairly crap even in comparison to banks. Whom I think we're winging around 7.9%.

But then whilst looking it all up flexifi came up on bike world with a rate of 6.99%

I know them from being a small loans lender for TVs and furniture likes of Harvey Normans

Anyone know if this bike rate is true ? Seems to best all lenders or am I missing something.

galwaytt · 15-04-2019 10:49pm

listermint wrote: »

Pulling up this zombie thread as got an add for Yamaha finance appear in my feed.

Checked their rate and still a crazy 8.9 % remembered this thread (sad I know) so their rate is fairly crap even in comparison to banks. Whom I think we're winging around 7.9%.

But then whilst looking it all up flexifi came up on bike world with a rate of 6.99%

I know them from being a small loans lender for TVs and furniture likes of Harvey Normans

Anyone know if this bike rate is true ? Seems to best all lenders or am I missing something.

Well I looked at €5000 over 36 moths on FlexiFi via Ross Motorcycles in Cork and it quoted a total cost of €5718.68 including charges.

https://photos.app.goo.gl/BNkNVYz7mus3mF3L9

My man maths makes this 4.18%.

Is this right ? - cos if it is, it's cheaper than the credit union....

macplaxton · 16-04-2019 2:02am

I think the APR in your example is around 8.93%

http://www.online-calculators.co.uk/interest/loanrepayment.php

batman_oh · 16-04-2019 7:33am

I was told by a dealer race flexi fi only do finance over 1-3 years. With the price of new bikes being so ridiculous now you are looking at massive monthly amounts unless you have half the value in a deposit at least. Works better for used stuff I reckon.
I think the 6.99% rate is on short term lower amounts - it’s around 8.9% on bigger stuff

listermint · 16-04-2019 7:39am

batman_oh wrote: »

I was told by a dealer race flexi fi only do finance over 1-3 years. With the price of new bikes being so ridiculous now you are looking at massive monthly amounts unless you have half the value in a deposit at least. Works better for used stuff I reckon.
I think the 6.99% rate is on short term lower amounts - it’s around 8.9% on bigger stuff

There max has always been three years. But I can't see any information of he rate changing. Even 3 years they are smashing the other rates.

monkeybutter · 16-04-2019 9:35am

galwaytt wrote: »

..where would we be without MS Excel, huh ??

Logically, the CU is the way to go, but the cost-per-month you have to find may be the stumbling block.

That said, the PCP solves that, but BMW are making big money on it - €2411 interest on €4261 borrowed.........mmmmm

surely there'd be a discount if you rocked up with cash?

galwaytt · 16-04-2019 1:14pm

monkeybutter wrote: »

surely there'd be a discount if you rocked up with cash?

Once Upon A Time, maybe.

But now, when margins are tight on the item, there's money to be had on the finance, and that becomes the actual 'sale item'. You won't get as much off as you think, for cash.

Credit earns interest payments: cash actually costs them to deposit these days.

Look at VAG (VW/Audi/Seat et al): they make more money from VAG Bank (their own in-house bank, providing finance so you can buy the actual VW/Audi/Seat ) than the actual car..........

TheBlaaMan · 28-10-2019 6:45pm

Assuming you go in to the contract with full awareness of the terms, PCP with a zero finance option looks pretty attractive, and Joe Duffy Motorrad are now offering this.

I was considering a G310 - RRP €7103 and the pricing comes out at :

Deposit €1500
36 months @ €64
GMFV €3,283.84

The balloon payment is conservatively low, IMO (maybe others disagree) but at 46% of RRP is below what I would expect you would get for a 3 y/o bike?

Any "gotcha's" here...?

mjsc1970 · 29-10-2019 1:52pm

TheBlaaMan wrote: »

Assuming you go in to the contract with full awareness of the terms, PCP with a zero finance option looks pretty attractive, and Joe Duffy Motorrad are now offering this.

I was considering a G310 - RRP €7103 and the pricing comes out at :

Deposit €1500
36 months @ €64
GMFV €3,283.84

The balloon payment is conservatively low, IMO (maybe others disagree) but at 46% of RRP is below what I would expect you would get for a 3 y/o bike?

Any "gotcha's" here...?

I may be adding the sums incorrectly but it looks to me that If you were to buy the bike outright after 3 years on PCP, what you would pay overall then would be ballpark RRP. Have I this right?

BMW Motorrad PCP

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